UK businesses owe £2.6 billion to HM Revenue & Customs (HMRC), according to new research.
The VAT bill was highlighted by business finance provider LDF, which revealed on 10 July that the amount owed to HMRC in overdue VAT had increased by £100 million on the previous year.
LDF managing director Peter Alderson said: “The recession saw many fall behind with their VAT payments and the recent economic upturn has done little to ease the burden.
“Some are still dealing with a backlog of unpaid VAT and other tax bills whilst scrambling to source funding for upcoming tax bills.”
The complex VAT regime can create real headaches for businesses but staying compliant with HMRC – while paying the right amount of VAT – is crucial.
At Robb & Co, our expert team can help maximise the efficiency of VAT arrangements, to help avoid VAT bills that are larger than they need to be, while maintaining compliance.
As well as advising on the right VAT scheme for your business and ongoing VAT administration, we can assist with transaction-related VAT issues and the VAT implications of cross-border trade.
For more information on Robb & Co’s VAT services, please contact us.